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Tuesday, March 19, 2024
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Last Year News

18 Mar 2024

Pressure Builds for Charge on Shipping Sector's CO2 Emissions

© Yellow Boat / Adobe Stock

The European Union, Canada, Japan and climate-vulnerable Pacific Island states are among 47 countries rallying support for a charge on the international shipping sector's greenhouse gas emissions, documents reviewed by Reuters showed.The documents, being discussed at an International Maritime Organization (IMO) meeting now entering a second week, outline four proposals with a combined 47 backers for imposing a fee on each tonne of greenhouse gas the industry produces.Support for…

17 Mar 2024

Mexico Could be Back Door for Chinese Imports into US

© EvrenKalinbacak / Adobe Stock

Growth in demand for container shipping imports from China into Mexico in January 2024 increased by 60% compared to 12 months ago, further fuelling suspicions it has become a back door into the US.According to analysts at Xeneta, 117,000 TEU was shipped in January of this year compared to 73,000 TEU in January 2023 (source: Container Trades Statistics).Annual growth in container shipping between China and Mexico had already increased by 34.8% in 2023 compared to just 3.5% in 2022.Peter Sand…

17 Mar 2024

Indian Navy Seizes Ship from Somali Pirates and Rescues 17 Crew

(Photo: Indian Navy)

Indian naval forces including special commandos seized a cargo vessel that had been hijacked by Somali pirates, rescuing 17 crew members, a spokesperson for the navy said on Saturday.The navy said in a post on social media platform X that all 35 pirates aboard the ship, the Maltese-flagged bulk cargo vessel Ruen, had surrendered, and the ship had been checked for the presence of illegal arms, ammunition and contraband.The Ruen had been hijacked last year and the navy said it had…

14 Mar 2024

Hapag-Lloyd to Seek Cost Cuts After Net Profit Slump

© olrat / Adobe Stock

German container shipper Hapag-Lloyd said on Thursday the global oversupply of container ships and a crisis in the Red Sea will force it to cut costs in 2024, adapting sailings and ports following a bruising 83% fall in net profit.Ship operators face prolonged disruption while Yemen-based Houthi militants are attacking vessels travelling on one of the world's busiest routes, wiping out the benefit from higher freight rates with costly redirections around Africa.Hapag-Lloyd's problems chime with those of competitors such as Maersk and CMA CGM, exacerbated by the arrival of additional ships orde

14 Mar 2024

Hijacked Ship May Have Been Used in Attack near Somalia

Source: EUNAVFOR

Somali pirates who seized the Maltese-flagged bulk cargo ship Ruen in December may have used the vessel in the takeover of a Bangladesh-flagged cargo ship off the coast of Somalia two days ago, the European Union naval force said on Thursday.Somali pirates caused chaos in important global waterways for a decade leading up to 2018, but had been dormant until a resurgence of attacks starting late last year.If confirmed, Tuesday's attack from a confiscated ship would mark a return…

12 Mar 2024

Armed Pirates Board Cargo Ship Off Somalia

© Venera / Adobe Stock

Twenty armed people have boarded a cargo ship off the coast of Somalia and have taken control of it, a maritime security firm said on Tuesday.The vessel is the latest to be targeted following a resurgence of attacks by Somali pirates in recent months although the maritime security firm, Ambrey, did not specify that it was Somali pirates who boarded the ship.Ambrey said the ship was a Bangladesh-flagged bulk carrier - a type of merchant ship used to transport large amounts of cargo…

11 Mar 2024

NextDecade Targets Train 4 FID at Texas LNG Facility in H2 2024

© moofushi / Adobe Stock

NextDecade said on Monday it was targeting a final investment decision (FID) and plans to start construction of the fourth liquefaction train at its Rio Grande liquefied natural gas (LNG) facility in Texas by the second half of 2024.The Rio Grande LNG export plant has been in development for several years, suffering repeated delays. Last year the company made an FID to construct the first three liquefaction trains at the facility.NextDecade expects to finalize commercial arrangements for Train 4 in the coming months to support the FID.

11 Mar 2024

HD Hyundai Marine Solution Partners with Accelleron on Ship Engine Optimization

Source: Accelleron

HD Hyundai Marine Solution has signed an agreement with Greek operator Neptune Lines Shipping and Managing Enterprises SA to provide Engine Part Load Optimization (EPLO) services for four car carriers.HD Hyundai Marine Solution partnered with Accelleron to launch the EPLO service, receiving the first order for one ship in October last year.Most marine engines are built to provide optimal fuel efficiency and performance for the speed and environment for which the ship is designed.

10 Mar 2024

Norway Offers $193 Million Funding to Arctic Floating Wind Farm Project

© Marc Dyck / Adobe Stock

A floating offshore wind farm planned in Arctic waters on Friday received 2 billion Norwegian crowns ($193 million) in state funding, with Norway viewing the still costly technology as a key contributor for industry development and emission cuts.The GoliatVind project in the Barents Sea, consisting of five 15 megawatts turbines and seeking to supply power to the Arctic town of Hammerfest, beat out six other applicants in a tender by government agency Enova.Norway hopes that floating offshore wind will provide an industrial future for its offshore supply industry as well as a means of cutting e

06 Mar 2024

Russia Oil Fleet Shifts Away from Liberia, Marshall Island Flags Amid US Sanctions Crackdown

© evannovostro / Adobe Stock

Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials.The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S.

06 Mar 2024

Iran to Unload Crude from Seized Tanker Advantage Sweet

© momentscatcher / Adobe Stock

Iran will unload about $50 million worth of crude from a Marshall Islands-flagged tanker seized last year, the semi-official Fars news agency reported on Wednesday, in a tit-for-tat action against the United States.Advantage Sweet is a Suezmax crude tanker that had been chartered by U.S. firm Chevron and was seized in April 2023 by Iran's army following an alleged collision with an Iranian boat.The unloading of the cargo follows a Tehran court order in favor of Iranian patients of Epidermolysis Bullosa (EB)…

05 Mar 2024

Singapore Highlights its Maritime Achievements for 2023

© anekoho / Adobe Stock

The Singapore government has recounted the achievements of Maritime Singapore to date to highlight the nation’s successes as a maritime hub in 2023:Total business spending by key maritime companies overseen by MPA exceeded S$4.8 billion, up from S$4.3 billion in 2022. Twenty-five maritime companies established or expanded their operations in Singapore last year. These included maritime services companies and companies setting up sustainability desks in Singapore as part of their…

05 Mar 2024

Italy Impounds Charity Ship Involved in Dispute with Libya

(Photo: Maria Giulia Trombini / SOS Humanity)

A German charity vessel was on Tuesday impounded by Italian authorities after it ran into a dispute with the Libyan coast guard over the rescue of as many as 100 migrants in international waters.Italy often temporarily blocks the operations of charity-operated rescue vessels on the basis of a migration decree introduced last year by Prime Minister Giorgia Meloni's rightist government.The Humanity 1, operated by the SOS Humanity organization, was blocked for 20 days in the southern port of Crotone…

05 Mar 2024

Turkish Oil Terminal Halts Russian Oil Business

© Kalyakan / Adobe Stock

One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.Turkey has become one of the biggest importers of Russian crude and fuel since 2022, after the West imposed sanctions on Moscow for the invasion of Ukraine. Russia responded by re-routing oil away from Europe and the U.S. to Asia, Turkey and Africa.Global Terminal Services' (GTS)…

02 Mar 2024

Bulk Carrier Rubymar Sinks After Being Struck by Houthis it the Red Sea

On March 2 at approximately 2:15 a.m. (Sanaa time), Rubymar, a Belize-flagged, UK-owned bulk carrier, sank in the Red Sea after being struck by an Iranian-backed Houthi anti-ship ballistic missile on Feb. 18. The ship had been slowly taking on water since the attack. (Photo: U.S. Central Command)

The UK-owned Rubymar, attacked by Houthi militants last month, has sunk in the Red Sea, Yemen's internationally recognized government said on Saturday, warning of an "environmental catastrophe" from the ship's cargo of fertilizer.The vessel is the first lost since the Houthis began targeting commercial shipping in November, forcing shipping firms to divert vessels on to the longer, more expensive route around southern Africa.The Iranian-backed Houthis, who control the north of Yemen and other large centers…

01 Mar 2024

US Gulf Coast Fuel Oil Imports Hit Five-year Low

© scandamerican / Adobe Stock

Imports of fuel oil bound for the U.S. Gulf Coast fell to a five-year low last month as refiners ran more cheap, heavy Canadian crude and geopolitical tensions in the Middle East pressured fuel oil flows.Fuel oil deliveries to the Gulf Coast dwindled in February to just 318,000 barrels per day (bpd), a 20% drop from the prior month and marking their lowest level since February 2019, data from tanker tracking firm, Kpler showed.Heavy fuel oil feedstocks like high sulfur fuel oil…

01 Mar 2024

Texas A&M to Reduce Tuition For Merchant Mariner License Students

(Photo: Texas A&M University at Galveston)

Texas A&M University at Galveston said it will reduce fees for current and future out-of-state students seeking a merchant mariner license from the Texas A&M Maritime Academy, in an effort that aims to help the maritime industry fill worsening labor gaps.Texas A&M Maritime Academy students earn their U.S. Coast Guard license while completing one of several license-option four-year bachelor’s degree programs at Texas A&M at Galveston.Effective September 1, under a new three-tiered fee structure approved by the Texas A&M University System Board of Regents…

29 Feb 2024

CMA CGM Caps Logistics Push with $5 Billion Bollore Deal

© K I Photography / Adobe Stock

France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.The deal will extend the reach of CMA CGM's CEVA Logistics unit into areas such as freight management for pharmaceutical, cosmetics and luxury firms.CMA CGM, based in Marseille and privately controlled

29 Feb 2024

Barge Fuel Exports Help Russia Negotiate Tanker Shortage

© Yulia / Adobe Stock

Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges because of a lack of bigger tankers owing to EU sanctions and price cap limitations, market sources said and LSEG data showed.Some ship owners have avoided Russian ports since the EU embargo and price cap on Russian refined oil products went into effect in February last year, forcing shippers to turn to a so-called shadow fleet of ageing tankers.The shadow fleet has supported the flow of Russian barrels…

28 Feb 2024

Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals

(File photo: QatarEnergy)

Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

28 Feb 2024

Tanker Backlog Grows in Venezuela as PDVSA Struggles to Deliver Oil

© Francis / Adobe Stock

A bottleneck of vessels waiting to load crude and fuel in Venezuela has increased in recent weeks as state-run oil firm PDVSA struggles to deliver cargoes on time, according to people familiar with the matter, documents and shipping data.PDVSA has sought to ramp up shipments this month, the documents and data showed, following setbacks in January as outages at Venezuela's main port hit its exports. But the increase has been insufficient to ease the congestion.As of Monday, at least 19 supertankers were waiting to load near Venezuela's Jose and Amuay ports…

27 Feb 2024

Japan Continues to Lead Shipowner Rankings

© Carabay / Adobe Stock

VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.

27 Feb 2024

Record Year for Wind Farms Raises Hope for EU Goals

Source: WindEurope

A record year for building new wind farms and a rebound in investments in the sector have raised hopes that the EU may achieve its clean energy targets, industry group WindEurope said on Wednesday.In an annual report, WindEurope described 2023 as a year of "significant improvements" in key areas of Europe's wind energy sector, which struggled in 2022 with soaring inflation, interest rates and volatile energy markets after Russia invaded Ukraine.Investments in European offshore wind last year jumped to 30 billion euros, up from the scant 0.4 billion euros that were invested in 2022.

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